Weekend auctions on track in Sydney, Melbourne

The auction market performed steadily at the weekend, with major cities showing signs of strengthening.

Sydney’s auction clearance rate slipped to 62.2 per cent, down from 65.3 per cent the previous weekend, Australian Property Monitors said. In Victoria, the clearance rate was marginally higher at 69 per cent, the Real Institute of Victoria said.

In Sydney, the top sale at auction was a five-bedroom home in High Street, Strathfield, in the inner-western suburbs, which sold for $2.027 million.

Joe Campisi, of Devine Real Estate, handled the sale and said “buyers’ temperament, because interest rates are so low, is quite good".

In Melbourne, the top sale was a three-bedroom home at 25 MacKay Street, Yarraville, in Melbourne’s inner-western suburbs, that sold for $1.16 million after being passed in at $1.125 million.

Adam Welling of Hocking Stuart said a lack of stock, strong underlying demand, and expectations of lower interest rates supported the market.